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Section 56(2)(vii)(b) of Income Tax Act Applies to "Individual" and "HUF" and not Company: ITAT quashes Revision Order [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the provision of section 56(2)(vii)(b) of the Income Tax Act and submitted that it...

TDS Credit Allowable to HUF for Sale of Housing Property: ITAT [Read Order]

Death of Assessee shall not abate Income Tax Appellate Proceedings as per Rule 26:ITAT [Read Order]

HUF is “Person” Liable for getting Its Accounts Audited: ITAT Allows Benefit of Extending Date...

Contravention of S. 269SS for Sale of Property for HUF: ITAT Upholds Penalty u/s 271D [Read Order]

PCIT not Authorised Authority: Calcutta HC quashes Reopening of Assessment of HUF [Read Order]

The Calcutta High Court, chaired by Justice Md. Nizamuddin, declared that the Impugned notice issued under S. 148 A(b) of the Income Tax Act 1961 is Invalid. however, the Income Tax Authorities were...

HUF Partitioned on Date of Assessment Order: ITAT quashes Proceedings [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has quashed assessment proceedings against an HUF holding that the HUF was disrupted/partitioned as on the date of assessment and the...

Explanation as Past Savings of HUF and Members, No other Deposits during Demonetization: ITAT deletes Income Tax Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Allahabad Bench deleted Income Tax Addition on the ground that the explanation was past savings of HUF and its members and no other deposits were made during...

HUF eligible for Capital Gain Exemption for Property purchased in the Joint Name of Members: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Hindu Undivided Family (HUF) is eligible to claim capital gain exemption under section 54F of the Income Tax Act, 1961 for the...

Property Purchased by Coparceners of HUF in their Individual Capacity is Assessable u/s 64(2)(b): ITAT upholds Revision [Read Order]

The Chennai Income Tax Appellate Tribunal (ITAT) presided by Mr. Mahavir Singh, Vice President and Mr. Manoj Kumar Aggarwal, Accountant Member has held that property purchased by coparceners of Hindu...

TDS on Perquisites: CBDT issues Revised Guidelines [Read Circular]

The Central Board of Direct Taxes (CBDT) has issued revised guidelines on the issue of TDS on perquisites under section 194R of the Income Tax Act, 1961. The Budget brought in a new section, 194R...

Receipt of Excess Share from Close Relative is not Chargeable to Tax under Other Sources: ITAT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal has held that receipt of excess share from close relative is not chargeable to tax under other sources. The appellate, M/s Prakash Chand Sharma...

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